JPMorgan CEO: US Fed “lost control of inflation.”‎

Jamie Dimon, CEO, told JPMorgan Chase Bank that the Fed has “lost control of inflation a little bit.”

Speaking to CNBC, Dimon said he respects Fed Chairman Jerome Powell, but the truth is that we have lost control of inflation a little bit.

The US banker pointed out that reducing inflation is still in progress for the Federal Reserve, while the US economy continued to show signs of strength.

Dimon expected interest rates to remain high for longer, especially since the central bank may take “some time” to reach its target of reducing inflation by 2%. Pointing out that the performance of the US economy is good, as consumers have a lot of money to spend, as well as jobs are available, but there is uncertainty, which is normal in these circumstances.

Dimon’s comments came a day after the Fed released a portion of its meeting at the end of January, which showed that members remain determined to fight persistent inflation.